News & Analysis as of

Intellectual Property Issues in Bankruptcy and the Exclusion of Trademark Licenses from the Definition of Intellectual Property

The Bankruptcy Code divides intellectual property into distinct categories depending upon the particular type of intellectual property. Issues with respect to intellectual property can be of utmost importance in bankruptcy,...more

Bankruptcy Beat: The Second Circuit Establishes a Binding Standard For Lien Extinguishment Under a Plan of Reorganization

The Second Circuit Court of Appeals recently issued an opinion, City of Concord, N.H. v. N. New England Tel. Operations, LLC (In re N. New England Tel. Operations LLC), 795 F.3d 343 (2d Cir. 2015), addressing an issue of...more

How to Avoid a Process Server

I would guess that I meet with at least two people daily who tell me that they know a process server has been coming by the house but they have been avoiding him and the lawsuit they know the process server is bringing with...more

New Delaware Chapter 11 Filing – Millennium Lab Holdings II, LLC

Millennium Lab Holdings II, LLC and two of its affiliates, Millennium Health, LLC, and RxAnte, LLC, have commenced cases (Lead Case No. 15-12284) under Chapter 11 of the Bankruptcy Code by filing petitions with the United...more

New York Law Governed Bonds are Sufficient “Property” for U.S. Bankruptcy Court Jurisdiction

To qualify as a “debtor” under the U.S. Bankruptcy Code, an entity must reside, have a place of business or property in the U.S. It is common for non-U.S. entities that file for chapter 11 protection to rely on the “property”...more

The fiducie-sûreté: the most effective French security interest?

The fiducie has been the subject of increased interest by lenders over the past few years in France. Even though there is no significant case law supporting this, some academics have gone so far as to refer to this mechanism...more

New Delaware Chapter 11 Filing – Fresh & Easy, LLC

Fresh & Easy, LLC has filed a chapter 11 petition in the United States Bankruptcy Court for the District of Delaware (Case # Case No: 15-12220-CSS). The Petition and list of top 30 creditors and the docket are available...more

Banks Beware: DIP Loans May Prime Setoff Rights

This question was posed to counsel seeking to have a debtor in possession (DIP) loan prime a setoff right, a situation which – if not monitored and timely objected to – may result in a bank (or other entity with a setoff...more

Sixth Circuit Files Win for Bankruptcy Debtors Harassed During Automatic Stay

Creditors of bankruptcy debtors beware: a recent opinion from the Sixth Circuit Court of Appeals makes clear that creditors cannot circumvent the ban on collection efforts following the petition for bankruptcy by trying to...more

Another Advantage of Proceedings Supplementary

Debtors oftentimes attempt to shield their assets from creditors by transferring them away to others. If this is done, a creditor can bring an action under Florida’s Uniform Fraudulent Transfer Act (UFTA) to attempt to undue...more

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

REMIC Trust Payments Adrift After Losing Clarity of Their Safe Harbor

As we previously reported, in April 2015 Judge Jacqueline P. Cox (U.S. bankruptcy judge for the Northern District of Illinois) issued an opinion that broadly interpreted the safe harbor provisions of Bankruptcy Code Section...more

It just got a little bit easier to enforce judgment liens

Last year, we posted It just got a little bit harder to enforce judgment liens, which analyzed a Court of Appeals decision that invalidated a judgment lien against third-party purchasers due to the judgment creditors’ failure...more

Nullification of anti-assignment clauses - good news for invoice financers and their customers

Currently, a clause in a contract which prevents one or both parties from assigning its rights under that contract is effective under English law. Such prohibitions on assignment are common in many types of...more

Third Circuit Affirms Bad Faith Involuntary Bankruptcy Dismissal, Increasing Risk of Punitive Damages

Last week’s decision by the U. S. Court of Appeals for the Third Circuit in In re: Forever Green Athletic Fields, Inc., No. 14-3906 (3d Cir. Oct. 16, 2015) held that an involuntary bankruptcy petition filed under 11 U.S.C. §...more

Global Private Equity Newsletter - Fall 2015 Edition: Recent Developments in Acquisition Finance

When a portfolio company underperforms, a sponsor may consider various options to address the perceived performance issues, including changes to a portfolio company’s management team, cost structure, capital structure or...more

There’s Nothing Magic About the “Original” Promissory Note

In a victory for creditors, the Alabama Court of Civil Appeals recently reversed a trial judge’s decision to exclude a copy of a promissory note from evidence simply because it was not an original. Without the promissory...more

Equitable Liens: No Mortgage Does Not Necessarily Mean No Lien

Marcum v. Marcum (In re Marcum), 508 B.R. 499 (Bankr. M.D. Fla. 2014) – A creditor made two prepetition loans to a chapter 13 debtor for payment of delinquent real estate taxes. The loans were supposed to be secured by...more

Secured Creditors in Section 363 Sales Be Aware -Your Proceeds May Be Used to Satisfy the Debtor’s Unpaid State Tax Liabilities

It is a basic feature of sales under section 363 of the U.S. Bankruptcy Code, that the purchaser takes free and clear of all claims and interests, such claims and interests attach to the proceeds of the sale in accordance...more

Selected Drafting Issues In Midstream Contracts

I will share a small secret – or perhaps, it is not a secret at all. As CLE presentations go, “drafting tip” presentations tend to be very practical in their orientation and are, therefore, more enjoyable and less stressful...more

Protecting Your Business: Payment Plans Are Not Necessarily Bankruptcy Proof

“Neither a borrower nor a lender be . . . .” Hamlet Act 1, scene 3, line 75 With all due respect to the great Bard, that simply isn’t possible in today’s business world. Even businesses that are not directly involved...more

Clear Contractual Terms Prevail Over Equitable Principles in Bankruptcy Cases (Again)

Bankruptcy courts in the U.S. are widely viewed as favorable fora for debtors, trustees and creditors’ committees to pursue creative and difficult causes of actions against deep-pockets lenders and others in an attempt to...more

Joint Tenancy: What Happens When a Joint Tenant’s Interest Becomes Part of the Bankruptcy Estate?

Peet v. Checkett (In re Peet), 529 B.R. 718 (8th Cir. BAP 2015) – A chapter 7 trustee proposed to sell real and personal property that was owned by the chapter 7 debtors as joint tenants with parents of one of the...more

Appellate Court Notes

Appellate Court Advance Release Opinions: AC36390 - Folsom v. Zoning Board of Appeals - Trial court properly granted a motion to strike a direct lawsuit by a disgruntled neighbor against the Town Zoning Enforcement...more

Return to Sender: The Boomerang of Garnishment Checks Back to Georgia Employers

Across Georgia, employers are opening their mailboxes to discover that courts have returned checks that employers previously submitted to satisfy garnishment actions. This is the result of decisions by many courts across...more

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